New York Banking Law
Exchange and Examination of Securities
1. Any corporation, unincorporated association, partnership or individual which shall have deposited with the superintendent in trust any stocks or bonds in pursuance of any requirement of this chapter, may be permitted by the superintendent, so long as it shall continue business in the ordinary course, from time to time to withdraw any of such stocks or bonds upon depositing with the superintendent other stocks or bonds of the kind it is required by this chapter to deposit with him and if the value of the stocks or bonds so held by the superintendent exceeds the amount required by this chapter to be so deposited, the stocks or bonds in excess of such amount may be withdrawn without depositing others in exchange therefor.
2. Any such corporation, unincorporated association, partnership or individual may, at any time during ordinary business hours, examine such stocks or bonds and compare them with the record on the books of the department. Unless it shall deliver to the superintendent at least once in each calendar year, a statement listing such stocks or bonds and the amounts thereof, and stating that they are in the custody and possession of the superintendent at the date of the statement, the state comptroller and the superintendent shall appoint some suitable and discreet person as agent for such corporation, unincorporated association, partnership or individual, who shall make an examination of such stocks or bonds. If such agent finds that the stocks or bonds held by the superintendent agree with the records thereof on the books of the department, he shall execute a statement in the form above described and transmit a copy thereof to the corporation, unincorporated association, partnership or individual in behalf of which it is made, and such statement shall have the same force and effect as if executed by such corporation, unincorporated association, partnership or individual. Compensation for the services and expenses of such agent in making such examination shall be paid as a general expense of the department.